Priorities for Revenue Recovery
As we continue to navigate through the uncertainty of COVID-19 we must consider these 5 priorities for revenue recovery.
Planning team – To effectively respond to the COVID-19 crisis companies should consider looking beyond the immediate challenges and issues that this crisis created. Planning for the recovery period, that is likely to begin when consumers resume more of their usual activities and demand returns, but also engage in long-term planning for the “next normal”. For some companies this will mean creating a planning team of dedicated employees.
Business renovation – The current crisis has created a push for companies to renovate their business models and quickly modify their offerings and operations to temporary conditions like working from home, travel restrictions, and workplace closures. They might begin by reevaluating their customers’ expectations and needs and rethinking their value propositions in line with those priorities. Similarly, leaders can reconsider where new sources of growth might be found, beyond their current offerings.
Course reset – Getting a business back on a growth pattern during and after the pandemic will require businesses to identify areas of demand and quickly pursue these opportunities. This course of action will require you to have a deep understanding of your customers, their behaviors, their preferences and even their needs. For example, a company can use a growth-forecasting model to locate pockets of growth by analyzing data at three levels: the market level (industries and customer segments), the local geographic level (ZIP or postal codes), and the individual-customer level (household income, loyalty status, spending history).
Quickness – Faced with a sudden shift in market conditions and consumer behaviors, including a mass move to virtual channels, companies are rewiring for speed and skill, implementing changes that might have taken them months prior to the crisis. Many have implemented these changes, with employees working remotely, by using new technology and tools to collaborate in real time. This has and will allow executives to make crucial business adjustments even while their team is spread out.
Efficiencies – Many companies are focusing on cost-saving efforts to better navigate the crisis, spending less of their free cash in nonessential areas and using those funds on more effective channels and campaigns. Next, companies focus on strategic, technology-powered efficiency gains, by use of analytics and automation to enable smarter, data-driven decisions. Lastly, executives should look for possible breakthroughs in productivity: for example, rebalancing their activities between those performed in-house and those that are outsourced.
In summary as circumstances change in our business, environment and surroundings, executives will need to find innovative ways to protect our bottom line. The Badger Group is here to help you create and execute marketing channels that fit your business. Please reach out to your Badger representative for more details or call 920-563-5144.